When can Yearn Finance (YFI) come out of its bearish phase?

Be the First to Comment Read

When can Yearn Finance (YFI) come out of its bearish phase?

 When can Yearn Finance (YFI) come out of its bearish phase?
Image source: © Vladsseven | Megapixl.com

Highlights

  • Yearn Finance (YFI) is primarily a decentralised finance (DeFi) aggregator that allows users to invest in the ever-expanding DeFi space.
  • On 25 May, the YFI crypto saw a minor rally but soon fell sideways.
  • The 114-ranked token is currently trading at US$8,841.96 with a 24-hour trading volume of US$19,03,93,069. 

Yearn Finance (YFI) is primarily a decentralised finance (DeFi) aggregator that allows users to invest in the ever-expanding DeFi space. As an aggregator, it also allows users to maximise the returns from yield farming. Launched by Andre Cronje, the YFI crypto allows users to make strategies to earn the best yields in Ethereum DeFi.

On Wednesday, the YFI crypto saw a minor rally but soon fell sideways and dipped 3% at the time of writing.

Related Read: Cope (COPE) crypto tanks to an all-time low. When can it rebound?

Why is YFI trailing?

The exact reason for YFI’s drop is still unclear. The token has been on a bearish run for quite some time. In the past 30 days, it has suffered losses of over 51.7%. At the time of writing, the RSI was at 28.34 during the intra-day trading period.

Offering two key products, the YFI crypto through its Vault and Earn services allows users to lock their assets in DeFi protocol and earn in cryptos in return. Hence, if a user unlocks more assets, more the chances of them being awarded by the protocol. The deposits are made in vaults, which then expand to both Bitcoin as well as stablecoins.

Besides, it also focuses on reducing the cost which other Ethereum protocols incur for farm yields.

Related read: Astar (ASTR) crypto's volume soars over 900%. Here's why

Performance  

The 114-ranked token is currently trading at US$8,841.96 with a 24-hour trading volume of US$19,03,93,069. At the time of drafting, YFI crypto was down by 3.20%, while enjoying a live market cap of US$32,39,49,426 and a circulating supply of 36,638 YFI coins

At present, the market is still gripped by extreme fear after the crash. Amid the fear, the YFI investors will hope that the token comes out of its bearish phase and be in a prolonged rally to make up for the losses it has incurred. Market participants and investors must make sure that they conduct thorough market research before taking any investment decisions. 

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instruments or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete, or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.

Yearn Finance (YFI) is primarily a decentralised finance (DeFi) aggregator that allows users to invest in the ever-expanding DeFi space. As an aggregator, it also allows users to maximise the returns from yield farming. Launched by Andre Cronje, the YFI crypto allows users to make strategies to earn the best yields in Ethereum DeFi.

On Wednesday, the YFI crypto saw a minor rally but soon fell sideways and dipped 3% at the time of writing.

Disclaimer

Speak your Mind

Featured Articles